Fake Jobs
If the job listing sounds too good to be true, it probably is. LinkedIn says it?shut down over 86?million?fake accounts last year, and the US Federal Trade Commission says?that?losses from fraudulent ads rose by 25% in 2023, to $491 million. Korn Ferry examines why, even as the job market slows down, the number of fake jobs is rising dramatically. Next, this week’s 50-basis-point interest-rate cut by the Federal Reserve—the first rate cut in four years—will lead to cheaper mortgages and car loans for consumers, but what impact will it have on business strategies and tactics? Plus, Korn Ferry’s career experts have ideas for how to handle—and overcome—a workplace nemesis.
1) Job Hunting’s Newest?Wrinkle: Scams
Today, even strong candidates say they’re waiting forever to find jobs in certain sectors. But now, many of them are suddenly getting offers—from identity thieves posing as recruiters or hiring managers.?
Faux job ads are spreading at an alarming rate, fueled by AI that allows criminals to easily whip up believable job descriptions?and?accompanying?disinformation, such as?fake?recruiter profiles on social media.?Candidates are tricked into supplying key personal information that enables scammers to commit identity theft.?“That job ad is not the lottery ticket it appears to be,” says one Korn Ferry expert.??
2) Why This Interest-Rate Cut Matters
The news was expected, but still made big headlines. And why not? The first cut to interest rates since 2020—announced this week—means that prices for both homes and everyday items just got a little more affordable. Consumers will see other benefits, such as lower rates on any loans they take. And of course, stock-market investors are generally welcoming the news as well.
But for companies, the half-point drop may play out a little differently—with some possible twists. The Fed’s hope is that lower interest rates, along with declining inflation, will instill confidence in consumers to start spending again and create some end-of-year momentum for the economy. The only question now is: Will it work?
3) How to Handle—and Beat—a Work Rival
You see it on corporate campuses everywhere:?two?coworkers at war for resources, talent, or assignments—or?all three. And they’re likely in a head-to-head competition for the big job. Today, these work rivalries are all too common in?corporate America. In fact, 62% of employees admit to having a work nemesis, according to a 7,000-employee?survey ?by employment site Totaljobs. Rivalries are particularly common at companies?that have invested in their pipelines,?meaning that?up-and-coming talent?significantly?outnumbers available top roles.?
The question is how to handle the situation.?Experts say it’s not just about winning. Your own reputation is at stake over how people perceive your handling of the situation. This is a battle, not a war.?Ideally, the company culture encourages healthy rivalry in a way that motivates employees to excel on behalf of the organization’s interests;?in practice,?the scenario?can?often?devolve into?something else.?Our experts charted out a path to navigating the challenge.?
Other Must-Reads from Korn Ferry
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Responsive, High-Quality Freelance Editor, Writer, and Graphic/Production Designer at Kim Matthews Art Services
1 个月I make LI posts about fake jobs all the time, hoping more aggressive action will be taken to stop them. If they took down 86M+ fake accounts last year, how many did they not take town, and how many came back to try again? As if job hunting isn't exhausting and demoralizing enough...
Superviseur en Maintenance Industrielle ??spécialisé en Maintenance Electrique, Diagnostiques pannes
1 个月un coup de pousse svp maximum de partage ami et connaissance merci ?? https://www.dhirubhai.net/in/moundounga-olivier/
?? Mergers & Acquisitions | Operating partner | CFO | Strategy | Project & program management | Corporate finance ??
1 个月The rise of fake job ads, driven by AI and identity theft, poses significant risks to corporate hiring, increasing due diligence costs and damaging employer reputations. These scams also highlight corporate agency issues, as poor coordination between HR and senior leadership can lead to ineffective vetting processes, leaving companies vulnerable. Talent recruitment is a strategic function, not merely an ancillary task, and should be viewed as a core responsibility of senior staff. Leadership must take an active role in overseeing recruitment to protect the firm’s brand, ensure high-quality hires, and safeguard against threats like fraudulent recruiters that could undermine organizational goals.
Leadership and Employee Development Consultant
2 个月Glad this is getting more attention. Happened to me a couple of years ago with a company that was supposedly in California. Talked with the attorney generals office and filed a claim with the FBI. They found me on Upworks. They looked like a legitimate company and wooed me but it just was a scam. They were Russian and there were other red flags. When people are looking for work they can be vulnerable and believe things that are too good to be true.
Executive Recruiter VP to Board Roles + Malibu Mom x3
2 个月We’ve been talking about these job listings scams and “wildcard” postings collecting data in our Soho House & Co?speaking series. Think this will continue to be an issue on?LinkedIn